California-based KushCo Holdings, Inc (OTCQB: KSHB), a provider of a variety of services and products to the cannabis and cannabidiol industry, announced that it was appointing Christopher Tedford as the company’s new Chief Financial officer effective November 2016, 2018.
His predecessor, Jim McCormick, will be transitioning to work as the companies COO where he will be focused on increasing the firms operational capacity for future growth.
“Chris’s dynamic experience in financial and risk management, along with his proven leadership skills, will provide stability to the Company as we scale our operations to meet the demands of the rapidly expanding cannabis market,” said KushCo CEO Nick Kovacevich. “Moreover, his experience at public companies will prove invaluable to us as we work to establish SOX compliance, and his cross-sector experience, which encompasses both consumer product businesses and the energy sector, is aligned with our business model which touches several industry verticals.”
The companies current CFO, McCormick, has been juggling between acting as both the COO as well as the CFO, with the new hire enabling him to focus exclusively on the operations side of the business. His replacement brings considerable experience in mergers and acquisitions, something that’s becoming increasingly popular in the cannabis industry of late.
“KushCo has seen tremendous growth as the cannabis industry continues to experience an historic expansion,” Tedford remarked. “The Company’s leadership has demonstrated a strong understanding of the industry, a unique business model that has the potential to generate significant growth in both the near and long-term, and innovative products backed by IP and patents. I look forward to collaborating with the team to further support the Company’s growth.”
Like most CFO’s, his responsibilities will also extend into accounting, treasury management, financial reporting, risk management, along with mergers and acquisitions. Most importantly, Tedford is taking the financial reins as HushCo strives to establish Sarbanes-Oxley Act compliance. Also known as the Corporate Responsibility Act of 2002, the legislation demands that strict standards for financial reporting to be upheld following the infamous Enron scandal and high-profile accounting fraud cases.
KushCo, although historically known for offering marketing, packaging, and branding solutions to thousands of marijuana businesses worldwide, also began to diversify as it made a number of acquisitions. The most notable of these being the purchase of Summit Innovations, a producer of solvents and hydrocarbon gases required for producing high-quality cannabis oil and concentrates. Unsurprisingly given the cannabis markets volatility, this piece of news seemed to have little effect on the stock price, as shares dropped just under 3 percent today.
KushCo Holdings Inc Company Profile
KushCo Holdings, Inc. (OTCQB: KSHB) is the parent company to a diverse group of business units that are transformative leaders across several industries. KushCo Holdings’ subsidiaries and brands provide exceptional customer service, product quality, compliancy knowledge and a local presence in serving its diverse customer base.
KushCo Holdings’ brands include Kush Supply Co., a dynamic sales platform that is the nation’s largest and most respected distributor of packaging, supplies, and accessories to the cannabis and CBD industry, Kush Energy, which provides ultra-pure hydrocarbon gases and solvents, Hybrid Creative, a premier creative design agency for clients across several industries, and Koleto Packaging Solutions, the research and development arm driving intellectual property development and acquisitions. – KushCo